Key Features:
- No of Pages: 65
- No of Chapters: 05
- Appropriate illustrations
- Well researched
- Well arranged tables and representations
- Questionnaire is attached
Introduction:
Abstract
In recent years internal control system has been adapted by different commercial banks in Nigeria as a tool for preventing and detecting fraud in the banking industry. However, despite the use of various internal control measures adapted, financial fraud has rather increased in magnitude and the amount involve are staggering enough as to have serious impact on the profitability of the banks in question.
This is due to the fact that perpetrators acquire greater sophistication in the method used to perpetrate fraud which ultimately leads to loss of customer’s confidence in the Nigerian Banks. This research work was carried out using questionnaire which was administered to staffs of First Bank of Nigeria Plc.
The data collated and collected was analyzed using descriptive statistics while Chi-Square (X2) was used to test the research hypothesis. It was concluded that effective internal control system will ensure good performance of commercial banks in Nigeria and also that the present state of internal control system in Nigerian commercial banks is not effective enough for prevention and control of financial fraud.
Recommendations on how to ensure effective internal control system were made, which includes increasing staff strength, recruitment of professionals, Provision of Additional and More Sophisticated Equipment, Research and Development Departments etc.
Table of Content
Page
Title Page
Certification i
Dedication ii
Acknowledgement iii
Abstract v
Table of Content vi
CHAPTER ONE: Introduction
1.1 Background to the Study 1
1.2 Statement of the Problems 4
1.3 Objectives of the Study 6
1.4 Research Question 7
1.5 Research Hypothesis 8
1.6 Significance of the Study 8
1.7 Scope and Limitation of the Study 10
1.7.1 Scope of the Study 10
1.7.2 Limitation of the Study 10
1.8 Definition of Terms 11
1.9 Organization of the Study 12
References 13
CHAPTER TWO: Literature Review
2.1 Introduction 14
Historical Background of First Bank of Nigeria Plc 14
2.2 Academic Reviews 16
2.2.1 Concept and Definition of Internal Control 16
2.3 Internal Control System in Commercial Banks 22
2.3.1 Financial Fraud Prevention by the Internal Control System 22
Types of Internal Control 23
2.4 Nature and Types of Fraud in Commercial Banks 25
2.5 Measures for Controlling Fraud in Commercial Banks 27
2.6 Computer and Internal Control 28
2.7 Organization and Management of First Bank of Nigeria Plc 29
2.8 Functions of First Bank of Nigeria Plc 30
2.9 Objectives of Internal Control of First of Nigeria Plc 31
References 32
CHAPTER THREE: Research Methodology
3.0 Introduction 33
3.1 Research Focus 33
3.2 Research Design 33
3.3 Area of Study 34
3.4 Population of the Study 34
3.5 Sources of Data 34
3.6 Sample and Sampling Size Technique 34
3.7 Research Instrument 35
3.8 Validity of Research Instrument 35
3.9 Reliability of Research Instrument 35
3.10 Analytical Technique 36
CHAPTER FOUR: Data Analysis, Interpretation and Discussion of Findings
4.1 Analysis of Tables 38
4.1.1 Distribution of Responses According to Demographic Information 38
4.2 Presentation of Responses According to Questions 40
4.3 Test of Hypothesis 51
CHAPTER FIVE: Summary, Conclusions and Recommendation
5.1 Summary 55
5.2 Conclusions 57
5.3 Recommendations 58
Bibliography 60
Appendix 62
Introduction
The menace of financial fraud has certainly emerged as one of the hindrances to bank performance in Nigeria. Although fraud is a worldwide phenomenon, it is the single most important financial problem in Nigeria. The nation has suffered severe losses financially. Banks in Nigeria may not be talking about fraud they persistently suffer, especially because of the sensitivity and response to such exposure (Abdulraheem, Isiaka & Muhammed, 2012).
Prior to 1952, there was no form of banking Act to regulate the establishment and operations control of banks in Nigeria , during that time many banks were registered some of which never operated and ever since the period, fraud has remained a permanent feature in our banking industry. This resulted in a loss of faith and trust in the commercial banks by Nigerians and consequently, under-development of the banking habit in the country.
However, with the introduction of the first Banking Ordinance in 1952 and the Central Bank of Nigeria (CBN) Act in 1959 and other subsequent Acts and ordinances with their amendments over the years used to regulate and control the activities and operations of commercial banks have rather increased financial fraud in magnitude and the method used to perpetrate them acquires greater sophistication day after day. Now with the introduction of modern procedures and advancement in information technology such as those in communication system, automatic electronic gadgets and computers into banking system coupled with various precautionary measures taken by band agents, fraud have rather taken nuclear dimensions and the size of sums involved increased at a geometric rate.
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